Nubit, along with leading Bitcoin ecosystem projects such as Nebra, Bitcoin Layers, and Alpen Labs, released the Proof of TVL report on January 5, 2025, revealing the opaque state of the BTCFi sector. The report calls for the establishment of higher standards for asset transparency verification mechanisms and proposes open-source TVL verification tools. It points out that the Total Value Locked (TVL) is a core indicator of the scale and security of BTCFi projects, but phenomena such as false statistics, double counting, and fabricated locks are eroding user trust. The report analyzes the authenticity issues of TVL data in Bitcoin liquid staking token (LSTs) protocols and highlights that many protocols falsely inflate TVL data by making agreements with large holders (whales). It emphasizes that BTC not subject to staking protocol custody or that cannot be reduced should not count towards TVL, and proposes using Zero-Knowledge Proofs (ZKPs) for TVL verification to achieve true transparency and accountability. The report also provides a verification case from Lombard Finance, demonstrating how to validate using the open-source tool Proof of TVL. Finally, the report calls for collective efforts to promote the transparency of the BTCFi ecosystem, provide more TVL verification analysis, establish industry standards, and raise awareness of the need for trustless TVL verification.